L
ook past the headlines of global uncertainty, and a different story is unfolding. Africa is building momentum that could define the next 10 years. This is not a distant dream; it’s already happening. From the persistent drag of inflation, currency devaluations and rising debt costs to the fresh shocks of new US tariffs and swift retaliatory measures from its trading partners, the global economy has become increasingly uncertain. And yet, Africa’s growth story is gaining momentum.
The continent is home to 54 countries, more than 2 000 languages and an unmatched cultural diversity. Africa’s aggregate GDP is projected to exceed $3-trillion in 2025 (IMF). Out of its 54 countries, 29 recorded growth in 2024, and in 2025, 21 are expected to achieve at least 5% growth. Four (Ethiopia, Niger, Rwanda and Senegal) are forecast to surpass 7%, according to the African Development Bank.
Africa’s growth is projected to improve from 3.3% in 2024 to 3.9% in 2025 and further to 4% in 2026 – a steady climb that highlights the continent’s resilience. By contrast, the IMF expects global growth to slow to 2.8% in 2025 (down from 3.3% in 2024), with advanced economies growing at just 1.4%.
Africa’s resource wealth – its minerals, rivers, arable land and forests – is immense. It is also the world’s youngest continent, with more than 70% of its people under the age of 30, according to the UN. Added to this is rapid urbanisation: by 2030, at least 17 African cities are expected to have populations of over five-million and three will exceed 10-million (Brookings).
Africa’s biggest growth catalyst
The African Continental Free Trade Area (AfCFTA) is a vision of a connected Africa. Today, it links about 1.4-billion people and a market worth $3.4-trillion. By 2030, that market is expected to almost double to $6.7-trillion, driven by a population of 1.7-billion, with half of that economic weight concentrated in South Africa, Nigeria and Egypt (Brookings). What makes this remarkable is the unity behind it: all 54 African nations have signed on, and 48 had ratified by early 2025, implying focus has shifted to implementation.
Launched in May 2019, the AfCFTA’s central goal is bold but simple: to create one integrated African market for goods, services and capital, unlocking the power of intra-African trade. In 2024, trade within Africa accounted for 16% of the continent’s total exports, with most goods – mainly raw commodities – still shipped abroad (UNCTAD). Labour mobility tells a similar story: only 28% of intra-African travel is visa-free, up from 20% in 2016 (Africa Visa Openness Report).
What could the AfCFTA deliver if fully implemented? According to a 2022 World Bank report, the potential gains are transformative:
- Real income could rise by 8% by 2035
- A total of 30-million people lifted out of extreme poverty and 68-million out of moderate poverty
- Continental income could grow by $450-million (7%) by 2035
- Intra-African trade could surge by 109%, with total exports expanding by 29%
- Foreign Direct Investment (FDI) – a key source of capital, technology and skills – could climb by 111%
To unlock these gains, Africa will need a continent-wide push to implement the right policy framework for e-commerce, trade, investment and intellectual property. Just as important is the hard infrastructure to support it. Across energy, ports, roads and power, the gaps remain stark, with the UN estimating annual investment needs of $130-billion to $170-billion. Trade continues to be slowed by non-tariff barriers, fragmented customs processes and inconsistent governance.
As global trade grows more unpredictable, we believe Africa’s best response is to double down on self-reliance by prioritising the AfCFTA implementation.
Where does Mazi fit in?
At Mazi, we see Africa’s growth story as a reality already unfolding. Our Mazi Africa Equity Fund invests in public equities across the continent, excluding South Africa, and provides investors straightforward access to this growth opportunity. We believe this exposure offers South African investors meaningful diversification benefits.
Building on this, we are preparing to launch an African Bond Fund, expanding investor access to the continent’s capital markets. Alongside it, our Mazi Infrastructure Fund is directing capital towards essential power and water projects, while our private equity and credit vehicles create further avenues to participate in Africa’s rise.
Africa’s trillion-dollar decade is already in motion. For investors, the question is no longer if the opportunity is real, but how soon to participate.
